Current Attempt in Progress The following are selected transactions of Sheffield Group. Sheffield prepares financial statements quarterly (amounts in thousands). Purchased merchandise on account from Nan Company, W41,000, terms 3/10, n/30. (Sheffield Jan. 2 uses the perpetual inventory system.) Feb. 1 Issued a 9%, 2-month, #41,000 note to Nan in payment of account. Mar. 31 Accrued interest for 2 months on Nan note. Apr. 1 Paid face value and interest on Nan note. July 1 Purchased equipment from Ji-yoo Equipment paying #13,000 in cash and signing a 10%, 3-month, #52,800 note. Sept. 30 Accrued interest for 3 months on Ji-yoo note. Oct. 1 Paid face value and interest on Ji-yoo note. Dec. 1 Borrowed W21,600 from the Wonju Bank by issuing a 3-month, 8% note with a face value of W21,600. Dec. 31 Recognized interest expense for 1 month on Wonju Bank note.